Keeping up with the CECL standard
Abstract: By now, all banks are familiar with the CECL model for estimating credit losses, and most have taken concrete steps toward adopting it. This article notes that banks that are behind schedule in their transition efforts need to kick those efforts into high gear. It explains that it’s also important for banks to evaluate — and, if necessary, update — their policies, procedures, systems and internal controls to ensure credit losses will be properly calculated and documented. A sidebar points out that the FASB has indicated that no further deferrals are expected.